Aster DM Quality Care Limited(ASTERDM)

NSE: ASTERDMBSE: 540975

₹ 651+0.93%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 56,746 crWebsite: www.asterdmhealthcare.inUpdated: 27 Oct 2026

About

Aster DM Quality Care Limited is an integrated hospital network formed on July 1, 2026 through the merger of Quality Care India (QCIL) with Aster DM Healthcare, operating 39 hospitals, 10,898 beds across 28 cities and 9 states in India. Its FY26 annual report describes the merged company as one of the top three hospital chains in India. On a combined proforma basis the organisation reported FY26 revenue of Rs 9,273 cr. Its three reported segments are Hospitals & Clinics (94.2% of FY26 revenue), Labs (3.2%) and Wholesale Pharmacies (2.3%).^[1][2][3]

Business segments

Hospitals & Clinics: 94.2% of FY26 revenue at INR 4,506.39 Cr, EBIT margin 17.3%; the core inpatient and outpatient hospital network.^[3]
Labs: 3.2% of FY26 revenue at INR 153.5 Cr, EBIT margin 9.7%; diagnostic laboratories serving hospital patients and external customers.^[3]
Wholesale Pharmacies: 2.3% of FY26 revenue at INR 108.32 Cr, EBIT margin 0.7%.^[3]
The India and GCC businesses were separated on 3 April 2024, so operations are now in India only.^[4]

Network and operations

Post-merger combined network: 39 hospitals, 10,898 beds across 28 cities and 9 states as of July 1, 2026.^[1]
Combined operational bed count was 10,559 in Q1 FY27 (+3.6% YoY).^[1]
Aster Labs operating EBITDA margin went from -7.8% in FY24 to 7.6% in FY25 and 12.8% in FY26; segment ROCE is 27%.^[2]
Senior consultant retention stands at 87%, per the Q2 FY27 call.^[2]
Material cost excluding wholesale pharmacy fell from 25.5% of revenue in FY23 to 21.4% in FY26, attributed to procurement.^[2]

Key operating metrics

Aster standalone occupancy was 61% in FY26 vs 65% in FY25; occupied beds rose to 3,939 from 3,769 (+4.5%).^[2]
Aster standalone IP volumes grew 2% and OP volumes 9.67% in FY26.^[2]
ALOS was 3.1 days in FY26 vs 3.2 in FY25, improving to 3.0 days in Q1 FY27.^[2][5]
ARPOB (Aster standalone) was INR 51,800 for FY26 and INR 54,300 in Q4 FY26.^[5]
Combined blended occupancy reached 64% in Q1 FY27, up 510 bps YoY; Aster standalone 62%, Quality Care 65.4%.^[1]
Combined ARPP IP was INR 1,36,802 in Q1 FY27 (+10% YoY); Aster standalone INR 1,30,352, Quality Care INR 1,44,064.^[1]
Mature units (73% of combined revenue in Q1 FY27) delivered 29.7% EBITDA margin, up 230 bps YoY; emerging units grew revenue 63% YoY.^[1]
ROCE excluding Kasaragod was 22.8% in FY26 vs 19.5% in FY25.^[2]

Case mix and payor mix

CONGO-T (Cardiac, Oncology, Neurology, Gastro, Ortho, Transplant) mix for the combined entity was 55% in FY26 (+200 bps YoY); Aster standalone 51%, QCIL 58.7%.^[5]
10 linear accelerators have been ordered across the network; robotic surgery growing about 75-80% YoY (Q2 FY27 call).^[2]
In Q1 FY27 joint replacements grew 39%, bone-marrow transplants 80%, kidney transplants 55%, total transplants 19% YoY.^[1]
Oncology reached 11% of total revenue in Q2 FY26 from 9% a year earlier.^[1]
Payor mix at QCIL improved to 80%+ cash/insurance in Q3 FY26.^[6]

Medical value travel

MVT revenue grew 62% YoY for the combined entity and 72% for Aster standalone in Q1 FY27, led by Maldives and GCC.^[1]
MVT share is in the low single digits of total revenue; management targets mid-single to double-digit share over coming years.^[1]

Expansion and capex pipeline

Plan to add ~4,170-4,200 beds (53% brownfield), taking the network from ~10,800 to ~15,000 beds (Q2 FY27 call).^[2]
Pipeline phasing: FY27 634 beds, FY28 1,190 beds, FY29 1,555 beds, FY30+ 800 beds.^[1]
Aster Capital Trivandrum (454-bed greenfield, Phase 1) targeted for January 2027 commissioning.^[1]
Aster W&C Hyderabad (300-bed greenfield) delayed to April 2027.^[1]
Aster Sarjapur Phase I upsized to 460 beds, targeted for H2 FY28; Whitefield Block D (159 beds) and Ramesh Ongole (75 beds) commissioned April 2026.^[1]
AI initiatives (clinical decision support, nursing flows, billing accuracy) expected to show significant progress in 9-12 months from the Q2 FY27 call.^[2]

Recent developments

Merger of Quality Care India with Aster DM Healthcare became effective July 1, 2026; the Board had approved the scheme on 29 Nov 2024.^[1]
Combined proforma FY26 operating EBITDA was Rs 2,013 cr, a 21.7% margin, per the Q2 FY27 call.^[2]
Post-merger synergies targeted at INR 150-200 Cr EBITDA, expected from FY27 and annualising into FY28.^[1]
FY26 annual report proposes raising the Section 185 limit from INR 1,500 Crore to INR 7,500 Crore and the Section 186 limit to INR 18,800 Crore.^[7]
Aster acquired an additional 13% stake in Aster Ramesh Hospitals in Q2 FY26, raising its holding to over 70%.^[8]

Market Cap

₹56,746 Cr

High / Low

₹891 / 520

Stock P/E

105.8

Price / Book

7.4

Book Value

₹88

EPS

₹7.5

No. of Shares

51.81 Cr

ROCE

11.5%

ROE

9.7%

OPM

16.0%

Debt / Equity

0.15

Sales

₹4,643 Cr

Net Profit

₹427 Cr

Promoter holding

53.8%

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Aster DM Quality Care Limited(ASTERDM)

About

Business segments

Network and operations

Key operating metrics

Case mix and payor mix

Medical value travel

Expansion and capex pipeline

Recent developments

Signal history

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